USD 15 million insurance cover for Indian GP

Private sector general insurer HDFC ERGO on Monday said it will provide USD 15 million insurance cover for the first ever Formula 1 race to be held in India.

Written by Press Trust of India

Read Time: 1 mins

New Delhi:

Private sector general insurer HDFC ERGO on Monday said it will provide USD 15 million insurance cover for the first ever Formula 1 race to be held in India.

HDFC ERGO, in collaboration with Ace Insurance Brokers, is the lead insurer for the Formula 1 Race and will give a cover of USD 15 million, the insurer said in a statement.

India will host its first Formula 1 Grand Prix on October 30, on a 5.14 km track in Greater Noida, built by Jaypee Sports International (JPSI).

The insurance cover would protect the Formula 1 event against adverse weather, non-appearance of teams, riots, strikes and civil commotion leading to cancellation of the event, its postponement or relocation.

An Event Cancellation Insurance Policy is a "saviour for the organisers because it pays any irrecoverable cost or expense which have been incurred in connection with the event following a cancellation, interruption, postponement or relocation due to any of the insured perils," Ace Insurance Brokers Director Anil Arora said.